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March 8, 2022

Whiting Petroleum and Oasis Petroleum sign $6bn merger deal

The combined entity will hold approximately 972,000 net acres in the Williston basin, and have a production rate of 167,800boepd.

US-based shale producer Whiting Petroleum signed a merger deal with Oasis Petroleum to create a new enterprise, valued at approximately $6bn.

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As per the terms of the deal, shareholders of Whiting Petroleum will receive 0.5774 shares of Oasis Petroleum common stock, and $6.25 in cash, for each share held in Whiting.

Shareholders of Oasis Petroleum will get $15 per share in a special dividend, in connection with the closing of the transaction.

Post-merger, the new company is likely to trade on the NASDAQ, and will be based in Houston.

Oasis Petroleum CEO Danny Brown will serve as president and CEO of the new company.

Brown said: “The combination will bring together two excellent operators with complementary and high-quality assets, to create a leader in the Williston basin, poised for significant and resilient cash flow generation.

“Over the last year, both companies have executed a series of deliberate strategic transactions, reducing costs and establishing a leading framework for ESG and return of capital.”

The combined entity is expected to hold nearly 972,000 net acres in the Williston basin, and have a production capacity of 167,800 barrels of oil equivalent per day (boepd), according to Q4 2021 data.

Upon the completion of the deal, Whiting Petroleum’s shareholders will own a stake of nearly 53% in the combined entity. The remaining 47% stake will be held by the shareholders of Oasis Petroleum.

Whiting Petroleum president and CEO Lynn Peterson said: “We are bringing together two like-minded companies and cultures, through a merger-of-equals transaction.

“Both organisations have outstanding talent and operational practices that we are excited to integrate to create an even stronger combined company.”

The transaction, which is planned to be closed in the latter half of this year, has been approved by the boards of directors of the two firms.

It is due to receive approval from shareholders of both companies, and other customary closing conditions.

Last month, Whiting Petroleum agreed to buy non-operated oil and gas assets in the Wiliston basin, spanning 14,563 net acres, for $273m.

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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